According to a new market report published by Credence Research, Inc. “Global LiDAR Market (By Product Type (Airborne LiDAR Systems and Terrestrial LiDAR Systems), By Component (Laser Scanners, Navigation and Positioning, and Other Components), By End-use Application (Defense & Aerospace, Engineering, Corridor Mapping, Environmental (Coastal, Forestry, Flood Mapping), Transmission Lines, and Other End-use Applications)) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023”, the global LiDAR market is expected to expand at a CAGR of 13.5% from 2016 to 2023.
Product and Market Insights:
Light Detection and Ranging (LiDAR) is a sensing technology used for measuring distance to a target using laser light. Unlike radar technology, LiDAR uses short wavelength waves for measuring the distance. The technology is used to get 3-dimensional information regarding the shape and surface characteristics of the target, thereby enabling scientists and mapping experts to study and examine their target with accuracy and precision. Although the use of LiDAR technology was initially limited to defense, government, and corridor mapping applications, increased awareness regarding the benefits offered (cost, accuracy, reach, etc.) have extended their applications to disaster preparedness and risk study, transportation, and power transmission among others. The global LiDAR market is still in the nascent stage of development and is poised to offer strong business and investment opportunities over the forecast period 2016 – 2023.
Browse the full report: http://www.credenceresearch.com/report/lidar-market
Competitive Insights:
Some of the leading players in the global LiDAR market include Quantum Spatial (Aerometric, Inc.), Leica Geosystems AG, Riegl Laser Measurement Systems GmbH, Faro Technology, Optech Inc., Trimble Navigation Limited, 3D Laser Mapping, GeoDigital, Airborne Imaging Inc., Avent Lidar Technology, Renishaw Plc, Michael Baker International, Sick AG, Topcon Positioning Systems, Inc., YellowScan, Velodyne LiDAR, Inc., and Geokno India Pvt. Ltd. among others. In order to sustain in this highly competitive market, manufacturers and technology developers are required to invest substantially in research and development and focus on product innovation. In view of future prospect, the manufacturers have already started accelerating their efforts to develop advanced unmanned aerial vehicle systems capable of offering advanced airborne imaging capability. The competitive rivalry among current market players is comparatively high and is expected to remain high throughout the forecast period 2016 - 2023.
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The adoption of LiDAR technology has been comparatively greater in the developed economies like North America and Europe. However, penetration in emerging economies has begun to gather momentum with technological advancements and growing awareness regarding the benefits offered by the technology. In addition, government initiatives to promote foreign investment in the geospatial industry have had positive impact on demand for LiDAR systems. With the advancements in technology and lowering costs, LiDAR has offered precise 3D capability to just about everyone who uses a map.
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